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    Axel Stasse • Morgan Stanley

    Axel Stasse is an Equity Research Associate at Morgan Stanley & Co. International Plc, specializing in coverage of leading European industrial and building materials companies such as Rockwool, Belimo, and Ariston Group. Since joining Morgan Stanley in May 2023, he has published actionable investment calls including an underweight rating for Ariston Group and provides regular research insights that inform investor decisions. Previously, Stasse was an analyst at Joh. Berenberg, Gossler & Co. KG from 2020 to 2023, building expertise across industrial sectors. He holds professional credentials relevant to his research role and is registered to provide equity research to institutional clients.

    Axel Stasse's questions to Rockwool A/S (RCWBY) leadership

    Axel Stasse's questions to Rockwool A/S (RCWBY) leadership • Q1 2025

    Question

    Axel Stasse from Morgan Stanley asked for clarification on the full-year organic growth guidance, noting that planned price hikes seemed to imply a volume decline for the rest of the year and questioning if management was being conservative.

    Answer

    CEO Jes Hansen responded that the guidance is not conservative. He explained that the company does not expect large volume growth due to widespread market hesitation and a specific, impactful slowdown in Eastern Europe, including Russia, which affects the total group numbers.

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    Axel Stasse's questions to RCWLY leadership

    Axel Stasse's questions to RCWLY leadership • Q4 2024

    Question

    Requested details on the Russian division's sales and profitability contribution over time, the M&A strategy for 2025, and the composition of the company's energy consumption for the upcoming year.

    Answer

    The company declined to provide specific figures for Russia, stating it's too small for their reporting structure. The M&A strategy focuses on both capacity acquisitions and value-added products, but organic growth is the priority. Foundry coke remains the most important energy source, followed by electricity and gas, with energy and raw materials combined making up about half of input costs.

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